The Independent Petroleum Marketers Association of Nigeria (IPMAN) has publicly decleared that it will be unrealistic for the President-elect Gen. Muhammadu Buhari rtd. to reduce the pump price of petrol from ₦87 to ₦40 per litre.

The Chairman Mr Adeleke Bada, who spoke on behalf of the association in Ogun State reacted to the advice given to the President-elect by the former Minister of Petroleum Resources, Tam David West. Mr Adeleke said that is not possible, if you look at the nature of the market, that isn’t realistic. Do we have the refineries?.

”The only reason that can be possible is when we have our own refineries and we do not export our crude oil for processing. If the processing is done in Nigeria, then it can be sold at the rate of ₦40 but not until all the refineries are fixed”.

The President-elect who has made it clear that fighting corruption and insecurity will be its major goal, will be sworn into office on the 28th May, 2015.

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